Can the cryptocurrency market correction turn into medium-term growth?
The new week has started with the continued growth of the cryptocurrency market, as almost all currencies are in the green zone. XRP and LUNA are the only exceptions to this rule.
BTC / USD
Last Saturday, the price of Bitcoin (BTC) remained in a narrow sideways range with support at $ 50,500, and overnight from Saturday to Sunday, the bears pushed through this support and returned the pair to the average price area. .
The two-hour EMA55 passed just below the psychological level of $ 50,000 and stopped the retracement. Late in the night, taking advantage of the support of this moving average, the pair returned to a narrow lateral range, the lower edge of which was at the $ 50,500 level.
At the end of last week, buyers didn’t get a chance to break above $ 52,000. One believes that in the near future they could still attempt to form bullish momentum to test the $ 53,400 resistance.
Bitcoin is trading at $ 51,532 at press time.
XRP / USD
Over the weekend, the XRP price tried to continue its recovery, but the two-hour EMA55 prevented the pair from rising to the orange level of $ 0.96.
Buyers can try to break out of the average price level this morning and test the resistance at $ 0.96.
However, if the recovery is not supported by large volumes, the XRP price should be expected to drop below the $ 0.90 support.
XRP is trading at $ 0.9380 at press time.
AVAX / USD
The avalanche rate (AVAX) is up 4.38% since yesterday.
After the false breakout of the support level at $ 101, the bulls continue to control the situation. At the moment, the coin is in the side trading area in the $ 120 zone, accumulating power for possible continued growth. In this case, there is a good chance that AVAX will trade around its $ 140 peak in the coming weeks.
AVAX is trading at $ 118.32 at press time.
MATIC / USD
MATIC is the only loser today, falling 0.19% in the last 24 hours.
Despite today’s slight decline, MATIC has managed to set a new peak. The volume of sales operations is low, which means that the current drop could be seen as a correction before a new price increase. Overall, the decline could continue to the recently formed mirror level at $ 2.70, followed by a strong bounce.
MATIC is trading at $ 2,282 at press time.